International Trade example #64125

unequal distribution of resources and specialization

good brought into the country

goods sent to other countries

to concentrate their efforts on producing a few goods and services instead of everything they need

the ability to produce more of a given product than someone else

The ability of a country to produce a good at a lower opportunity cost than another country can.

a nation is better off when it produces goods and services for which it has a comparative advantage

Exports exceed imports

An excess of imports over exports

surplus

relationship between a countries exports and imports

positive

the value of their currency

A measure of the total flow of money into or out of a country.

positive

in debt

a way to stop or slowdown certain foreign products from freely coming into a country

trade restriction

helps protect the economy and certain industries of a country from foreign competition

a limit on the amount of a good that can be imported

a country voluntarily limits the number of a product they ship to a country

a tax on imported goods

a government prohibits the import of an item

cuba

1.raide cost of foreign goods 2.trade wars 3.hurt economies by making them inefficient and unresponsive

a region where a group of countries agree to reduce or eliminate trade barriers

north American free trade agreement, eliminate trade barriers between US Canada and Mexico

European Union, trade organizations made up of European nations

,ay lead to job loss because companies will relocate to the country in which it costs the least to produce their product

the worth of the countries money in terms of another country

the value of the dollar increases

the value of the dollar decreases

we can buy foreign products cheaper, but foreign countries want buy as many of our products

foreign countries will buy more of our products, but we cant buy as much foreign products